SASKATCHEWAN — With all eyes now on Venezuela and the developing situation there, some Canadians may believe it could have a significant impact on fuel prices, says a petroleum analyst, but he's throwing cold water on that idea.
“While the situation in Venezuela has dominated headlines, it’s far too early for any measurable impact on what Canadians are paying at the pump — whether prices go up or down — as it would likely take years to see a meaningful increase in oil output there," said Patrick De Haan, head of petroleum analysis at GasBuddy, this week.
In remarks last week, he said, "Even under the most optimistic outcomes, it could take years of positive developments for additional supply to meaningfully move the needle, and the impact on Canadian gasoline prices may ultimately be limited. For now, I expect prices to bottom out in the weeks ahead before beginning their seasonal climb toward March.”
Average retail gasoline prices in Saskatchewan have risen 2.3 c/L in the past week, averaging 118.34 c/L Sunday. This compares with the national average that has increased 2.5 c/L in the last week to 124.16 c/L, according to gasoline price website GasBuddy.com.
“Gas prices in Canada rose slightly over the last week, with most provinces seeing prices move higher, in part due to a weaker Canadian dollar — which can add to costs since oil is globally priced in U.S. dollars,” said De Haan. "For now, gas prices remain seasonally lower overall, but with oil prices inching higher and the loonie under pressure, the national average could soon see some additional, albeit limited, upward movement.”
For live fuel price averages, visit http://FuelInsights.GasBuddy.com.
Source: GasBuddy
